Weekly Update-3 January 2025

NIFTY50

The Nifty index ended the week of January 3 on a positive note, advancing approximately 0.8% to close at 24,004. The week began on a weak footing, with declines on Monday and Tuesday. However, as the week progressed, the index reclaimed the crucial support level of 23,500 on a closing basis. This recovery sparked a sharp upward momentum, leading to significant short covering.

Thursday saw a massive rally, propelling the index toward the important resistance zone near 24,200. For the coming week, 24,200 remains a key resistance level to watch, while 23,500 serves as the critical support level, shaping the market's near-term direction.

BANK NIFTY

The Bank Nifty index ended the week of January 3 with a minor decline of 0.63%, closing near the 51,000 mark. The index underperformed throughout the week, with a mixed performance among its components. While PSU banks showed strength and outperformed, private sector banks lagged behind, adding to the index's overall weakness.

The week began on a negative note but saw the index reclaim the crucial support level of 50,500 on a closing basis mid-week. Although there was some upward momentum later in the week, Friday's session exhibited weakness, pulling the index down to close near the 51,000 support zone. For the upcoming week, key resistance is identified at 51,500, while support is positioned around 50,500, marking critical levels to monitor for future moves.

Top Performing Sector of the week

The Nifty Auto was best performing sector of the week 

Major gainers include:-

Maruti Suzuki: up by 9.08%

Eicher Motors: up by 8.9%

Ashok Leyland: up by 6.18%

Mahindra & Mahindra: up by 4.63%

Worst Performing Sector of the week

The Nifty Bank was worst performing sector this week

Major losers from sector include:- 

Icici Bank: down by 3.25%

Hdfc Bank: down by 2.73%

Bandhan Bank: down by 2.02%

Bank of Baroda: down by 1.37%

Important News:-

• Avenue Supermarts: The parent company of DMart experienced a significant surge, with shares jumping 15% after reporting a 17.5% increase in quarterly revenue. This growth underscores the company's strong performance in the retail segment.

• Wockhardt: Shares climbed 6.7% following the approval of its oral antibiotic, indicating positive developments in its product pipeline and potential market expansion.

• Oil and Natural Gas Corporation (ONGC): The stock increased by 3.3% after Jefferies reaffirmed its "buy" recommendation, reflecting confidence in the company's prospects amid fluctuating global oil prices.

• Tata Steel faced pressure due to declining global steel prices, reflecting a challenging environment for metal producers. The company continues to focus on cost management and operational efficiencies to navigate these headwinds.

• Zomato announced a partnership with a leading logistics firm to streamline food delivery operations, signaling its commitment to enhancing operational efficiency and customer satisfaction. The news drew positive investor reactions, with the stock witnessing steady buying interest.